The Bank of Beijing, China’s biggest city lender, said the government’s easing of monetary policy would boost its earnings by US$3 million, the South China Morning Post reported. Bank of Beijing president Yan Xiaoyan said the government’s moves to cut 27 basis points in the benchmark lending rate and reduce the required reserve ratio for […]
Category: Banking & Finance
Mainland fund managers believe the Shanghai Composite Index (SCI) bottomed out last week and that benchmark index will not fall back to that level in the medium term, the South China Morning Post reported, citing a poll by the official newspaper Securities Times. The SCI fell to 1,802.331 during trading last Wednesday, and Beijing stepped […]
Chinese stocks soared on Friday following government intervention, with the Shanghai Composite Index (SCI) jumping 9.46% to close at 2,075.09 points. Roughly two thirds of the stocks traded across the Shanghai and Shenzhen bourses rose by 10%, the maximum permitted single-day gain, Bloomberg reported. Just two days earlier, the SCI sank to a 22-month low […]
Beijing will do away with the stamp duty levied on stock purchases and use government funds to buy shares to support the mainland stock market, the Financial Times reported. The government said Central Huijin, part of China’s sovereign wealth fund, will buy into listed companies including state-owned lenders Industrial and Commercial Bank of China and […]
Bank of China (BOC) agreed with the Rothschild banking family to buy a 20%, US$340 million stake in La Compagnie Financiere (LCF) Edmond de Rothschild, the South China Morning Post reported. Benjamin de Rothschild will hold 75% of the bank after the deal, which is pending regulatory approval. LCF Edmond de Rothschild is looking to […]